Dynasty Metals & Mining Inc. (TSE:DMM) shares move up following a partnership to develop the Dynasty Goldfield project in Ecuador
Sean Mason | April 27, 2016 | SmallCapPower
A gold mining development agreement sparked a bit of buying Wednesday, while a royalty play sank on an uncertain dividend outlook. Here’s some small stocks making big moves on Wednesday, April 27, 2016 (as of 4 pm EST):
Gold Stock Shines Bright!
Dynasty Metals & Mining Inc (TSE:DMM) shares surged 17% to $0.17 on Wednesday after the gold project developer announced that it has entered into a definitive three-year agreement with Green Oil S.A. to act as contractor for the development of specific mining concessions within the Dynasty Goldfield project in Ecuador.
As well, shares of Grenville Strategic Royalty Corp. (CVE:GRC) slid 33% to $0.53 as the royalty company said results for Q1 will be lower than the previous quarter, adding that the “unpredictability of buyouts requires a refocus on working towards the sustainability of the dividend based solely on predictable free cash flow.” The Company’ also said its President and CEO, William Tharp, will be resigning effective immediately.
Xtreme Drilling and Coil Services Corp. (TSE:XDC), meanwhile, reported that it has agreed to sell its XSR Coiled Tubing Services Segment to Schlumberger for total proceeds of C$205 million. Xtreme added that as a result of this transaction it anticipates having zero debt with a net cash balance of approximately C$100-$115 million. Xtreme Drilling stock popped 43% to $2.62 following the announcement.
Finally, Orbite Technologies Inc. (TSE:ORT) shares climbed 12% to $0.275 after the clean tech company announced that the Government of Québec has agreed to provide Orbite with an aggregate financing amount of $15 million, which includes 10% convertible debentures and the purchase of its class A shares.
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